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Rising Home Values and Shifting Ownership in Zip Code 74055: Owasso's Evolving Real Estate Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 74055, located in Owasso, Oklahoma, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a consistent growth in population, increasing from 34,948 in 2010 to 45,813 in 2022, indicating a strong demand for housing in the region.
The homeownership rate in zip code 74055 has experienced a gradual decline from 2013 to 2022. In 2013, the homeownership rate stood at 73%, but by 2022, it had decreased to 70%. This 3% decline in homeownership occurred alongside a substantial increase in average home prices. The average home price in 2013 was $178,560, which rose steadily to reach $285,269 in 2022, representing a remarkable 59.8% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting trend. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate still declined. This suggests that other factors, such as rising home prices, may have had a more significant impact on homeownership than interest rates in this particular area.
The percentage of renters in zip code 74055 has increased from 27% in 2013 to 30% in 2022, corresponding with the decrease in homeownership. During this period, average rent prices also experienced an upward trend. In 2013, the average rent was $1,162, which increased to $1,216 by 2022, representing a 4.6% rise. It's worth noting that the population growth from 38,415 in 2013 to 45,813 in 2022 likely contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 74055 continued to evolve. The average home price reached $297,805 in 2023 and further increased to $304,403 in 2024, showing a 4.4% and 2.2% year-over-year growth, respectively. This growth occurred despite higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow down home price appreciation.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 74055 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $350,000 by 2029. Average rent prices are also likely to increase, possibly reaching $1,500 by 2029, driven by population growth and the continued demand for rental properties.
In summary, zip code 74055 has experienced a shift towards more renters and fewer homeowners over the past decade, despite significant increases in both average home prices and average rent prices. The area's strong population growth has likely been a key factor in driving these trends, offsetting the potential impact of low interest rates on homeownership. As the market continues to evolve, it will be crucial to monitor how these trends develop, particularly in light of the recent increases in interest rates and their potential impact on home affordability and the overall housing market dynamics.
